Ovintiv Inc. (NYSE:OVV) Given Average Rating of “Moderate Buy” by Analysts

Ovintiv Inc. (NYSE:OVV) has earned an average rating of “Moderate Buy” from the twenty research firms that are currently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $58.1111.

OVV has been the topic of several research analyst reports. Barclays upped their price objective on Ovintiv from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. Morgan Stanley initiated coverage on Ovintiv in a research note on Friday. They issued an “equal weight” rating and a $68.00 target price on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $54.00 price target on shares of Ovintiv in a research report on Saturday, January 17th. Royal Bank Of Canada reiterated an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a research note on Thursday, February 19th. Finally, The Goldman Sachs Group lifted their price objective on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently made changes to their positions in OVV. McIlrath & Eck LLC purchased a new position in shares of Ovintiv in the third quarter valued at $31,000. HM Payson & Co. purchased a new stake in Ovintiv during the 3rd quarter worth about $36,000. Foster Dykema Cabot & Partners LLC purchased a new stake in Ovintiv during the 3rd quarter worth about $36,000. Quent Capital LLC bought a new position in Ovintiv in the 3rd quarter worth about $37,000. Finally, Flagship Harbor Advisors LLC bought a new position in Ovintiv in the 4th quarter worth about $38,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

Shares of OVV stock opened at $62.09 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $17.59 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 2.57 and a beta of 0.69. Ovintiv has a 52 week low of $29.80 and a 52 week high of $62.60. The firm’s 50-day simple moving average is $49.59 and its two-hundred day simple moving average is $42.91.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the firm earned ($0.23) EPS. As a group, equities analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is currently 24.79%.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.